Financial Cards and Payments in Australia

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Executive Summary

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Card payment transactions experience strong growth in 2017

Total card transactions in Australia continue to increase, with strong debit and credit card transaction growth being driven by the offering of convenience and reward promotions by issuers and operators. In the highly competitive credit and debit card segment, many commercial banks aim to differentiate themselves by offering a range of promotions and products to cater to all consumers.

Mobile payments gaining popularity

Mobile payments continue to gain popularity, with an increasing number of smartphone and wearable electronics users turning to this payment type in search of an improved consumer experience. There has been an increase in the number of cards that are accepted by mobile wallets such as Samsung Pay, Android Pay and Apple Pay, which allow consumers to make use of their smartphones or smart wearables to make transactions.

Rise of wearable devices

The rapid push for increased seamless connectivity offers companies the opportunity to expand payment methods beyond smartphones and point-of-sale devices. The entry of Apple Watch and, subsequently, a wide range of wearable electronics from other brand manufacturers has served as a catalyst for slow but steady growth in contactless payments in Australia.

Cryptocurrency a growing talking point

Cryptocurrency gained widespread publicity over the review period, with one of the main digital currencies, Bitcoin, soaring in value in 2017. Bitcoin is decentralised in nature and allows users to make transactions anonymously and securely.

Technology companies threatening traditional retail banks

Payment technology companies such as Afterpay and zipPay grew in popularity over the review period. These payment solutions, which appeal strongly to millennials, provide consumers with an alternative means of making payments to gain ownership of consumer goods without having to pay the full cost immediately.

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